Ramaswamy's Strive Takes Advantage of Crypto Sell-Off, Buys 2,500 BTC for $185M

Vivek Ramaswamy-linked Strive Asset Management has purchased 2,500 Bitcoin for about $185.2 million, according to an 8-K filing released Tuesday. The company acquired the Bitcoin between May 23 and June 1 at an average price of $74,092 per coin. The purchase came during a period of market weakness, with Bitcoin falling from above $74,000 last week to around $70,800 by Tuesday morning. Strive’s latest acquisition was made at a lower average price than its previous disclosed purchase of 1,109 BTC at $76,989 on May 22. The new buy raised Strive’s total holdings to 19,000 BTC, placing the company further among the largest publicly traded corporate Bitcoin holders. The filing also showed that Strive reported a quarter-to-date BTC yield of 23.0% and a year-to-date BTC yield of 36.7%. Strive Raises Bitcoin Holdings to 19,000 BTC Strive’s Bitcoin strategy is based on increasing the amount of BTC held per share after accounting for dilution from new share issuance. The company uses BTC yield as one measure of that growth. It also reported an amplification ratio of 57.0%, indicating that shareholder Bitcoin exposure grew faster than Bitcoin’s price appreciation during the measured period. The company said it also raised cash reserves to maintain an 18-month dividend reserve. That reserve is tied to its broader capital structure, including yield-bearing securities designed to fund Bitcoin accumulation while supporting shareholder distributions. Strive’s latest purchase followed a period of weaker crypto prices and renewed questions around Bitcoin treasury firms . The company added coins while the market was reacting to several pressure points, including spot Bitcoin ETF outflows, geopolitical risk, and selling by some corporate holders. The buy also came shortly after Strategy, the largest corporate Bitcoin holder, disclosed that it sold 32 BTC for about $2.5 million between May 26 and May 31. Strategy said the proceeds would help fund preferred stock dividend payments. The sale drew attention because it was the company’s first publicized Bitcoin sale in more than three years. ATM Programs Target Larger BTC Accumulation Strive is also preparing to expand its capital-raising efforts. Chief Executive Matthew Cole said the company expects to increase the size of both its ASST and SATA at-the-market programs by $2.1 billion each, creating a combined $4.2 billion expansion. The ASST program is tied to Strive’s common stock, while SATA refers to its preferred stock structure. Proceeds from these securities may be used to support additional Bitcoin purchases. The company has framed these programs as funding channels for its Bitcoin treasury strategy rather than relying only on conventional financing. SATA is designed as an income product and has recently offered a 13% dividend yield, higher than Strategy’s STRC preferred stock yield of 11.50% cited in the provided market update. The product is aimed at investors seeking yield exposure linked to a Bitcoin-focused corporate balance sheet. Bitcoin treasury data cited in the provided report showed that SATA raised about $194.3 million last week, enough to support an estimated purchase of around 2,621 BTC at recent prices. If Strive were to raise and deploy the full $4.2 billion expansion at a Bitcoin price near $70,000, it could buy about 60,000 BTC. Treasury Firms Face Renewed Scrutiny Strive’s purchase comes as Bitcoin treasury companies face closer attention from investors. Strategy’s sale of 32 BTC raised questions about whether firms using preferred stock and dividend structures may need to sell small amounts of Bitcoin to manage payments or balance-sheet needs. Other companies have also changed their Bitcoin treasury plans. Reports cited ProCap selling 52 BTC to fund a stock buyback and support its market-to-net asset value ratio. French chipmaker Sequans and KULR Technology were also cited as scaling back or dropping Bitcoin treasury plans. Despite those changes, the broader group of treasury firms increased Bitcoin holdings by 1.8% over the past 30 days to 1.24 million BTC. Strive’s latest acquisition shows that some companies are still adding Bitcoin during market weakness. Strive’s ASST shares fell 7.2% on Tuesday to $15.86 despite the capital-raising update and Bitcoin buys as BTC price moved lower. At 19,000 BTC, Strive remains behind Strategy, which recently sold ,l but continues to expand its position among public Bitcoin holders. Its next phase will depend on access to capital through ASST and SATA, Bitcoin market conditions, and investor demand for yield products linked to corporate BTC reserves.